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Businesses the world over have been hit by the most recent economic recession in some way, shape or form, and to varying degrees. As such, running and operating a business, or engaging in the business sector of economies around the world, and the conditions that may or may not exist therein is still of great importance. Compare market conditions also help to give a clearer picture of what to expect.

An Overview About Business

The business climate in Russia, in large part, reflects the political and socio-economic landscape of the country. Politically and idealistically, Russia is virtually split in two, as completely contradicting ideals juxtapose each other. So for example, free markets and foreign direct investments are encouraged in some areas, as is democracy. In other areas, the exact opposite is true where interference from the state, a more autocratic approach to governance is encouraged, and foreign direct investment is almost non-existent or discouraged. These contradictions can make for a very unstable business climate, with very high highs and very low lows. Still, the potential for business in russia such as St. Petersburg and Moscow are high.

Read more about business in russia

In many ways, Russia is still in limbo trying to free itself from the shackles of its Soviet past and in trying to establish a new reality and future for the country, the business sector is inadvertently affected. In addition to contrasting ideals across the breadth of the country, Russia's heavy reliance on petroleum-based products also contribute to the fluctuations experienced in the business sector. This is due mainly to the fluctuation in oil prices on the world market. Often times, periods of growth are followed by periods of recession. This is a common feature that affects the business climate and the success of many companies and players in the Russian business sectors.

Before You Do Business There

Due to the fact that the Russian business climate is so intertwined with its cultural nuances, it is important that anyone doing business does some research beforehand. For starters, learn the cultural idiosyncrasies and business etiquette. This will help persons understand how to conduct business with their Russian colleagues and counterparts. One should also bear in mind that the very thing that what may work in one part or area of the country, may or may not work in others. Again, this is because of the stark contrast you are likely to find in behaviour and ideals as you move from one area of the country to the next. As such, consider the location carefully when doing your research. There are a lot of resources websites with extensive information on doing business there - the dos and the don'ts. Of course another option is to take trips for the purposes of research to the areas of Russia you are considering for business. This will help you get an even better of feel of what to expect and how to go about business.